SK Lubricants

IMM Private Equity, via its unit IMM Credit Solution, will acquire a 49% stake in SK Lubricants from SK Innovation for an estimated 1.5 trillion won ($1.34 billion). SK Innovation retains 51% and management control.

SK Lubricants and Repsol decided to expand their Iberian Lube Base Oil Co. joint venture plant in Cartagena, Spain, adding 200,000 metric tons per year of base oil capacity at a cost of EUR 60 million.

Ilboc, a joint venture between Repsol and SK Lubricants, plans to invest €60 million to expand its lubricant base oil plant in Cartagena, increasing capacity from 751,920 to 1,228,201 tonnes per year. Construction is expected to start in late 2019 or early 2020.